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Gold/Mining/Energy : Madison Enterprise, MNP/VSE

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To: Claude Cormier who wrote (233)	2/2/2001 2:49:25 PM
From: russwinter	of 285

Madison Enterprises Corp MNP Shares issued 44,730,516 Jan 29 2001 close $.200 Jan 30 2001 3:01:23 Mr. David Laudrum reports Madison Enterprises has provided encouraging results from an initial test of mobile metal ion (MMI) surface geochemical sampling over high priority peripheral targets at Madison's 90-per-cent owned Mt. Kare gold project in Papau New Guinea. MMI is a geochemical technique with the ability to detect underlying hardrock mineralization through overburden cover, including overlying alluvial deposits. MMI sampling has revealed the presence of gold and silver anomalies associated with a series of magnetic highs and electromagnetic conductors occurring along the east northeast trending Pinuni Creek structure. Previous exploration in the Pinuni Creek area has been hampered by deep overburden cover and the presence of alluvial gold deposits which mask possible gold anomalies in the underlying bedrock. MMI gold values were up to 160 times the calculated background values (MMI results are interpreted based on ratios rather than absolute values as is the case with standard soil geochemistry results). The Pinuni Creek structure is an exciting exploration target which Madison believes may be analogous to the high-grade zones at Placer Dome Inc.'s Porgera mine on the concession next door to Mt. Kare. MMI also confirmed a significant gold-silver geochemical anomaly on the southern extension of the Black zone where Madison had interpreted that the extension of known mineralization trended under limestone cover. Gold values were up to 736 times the calculated background. A program of additional MMI surface geochemical sampling is planned to follow up on the encouraging results obtained in the orientation survey. Crews will mobilize to the property in early February to commence the next phase of work. Madison has also provided assay results from the latest phase of diamond drilling which was completed in November last year. Holes MK 227, 228 and 231 through 235 were drilled to test various locations for possible high-grade structures in the area of the main deposits. Hole 227 successfully intercepted a newly interpreted east-west trending high-grade structure in the central part of the main deposit. This structure had been intersected in previous drilling, however, its orientation had not been confirmed. Hole 228 intercepted the down-dip extension of mineralization previously drilled in MK 178 and 193 and showed that mineralization in the Western Roscoelite zone is still open to expansion downdip to the southeast. Hole 229 tested magnetic and gold geochemical anomalies associated with silicification in the Middle Marantani area and returned anomalous but not economically significant results. Hole 230 tested the southern extension of Black zone mineralization. The Black zone was intercepted where predicted but assay results of 10.5 metres grading 0.34 grams per tonne gold equivalent were lower than expected. From To Interval Au Ag Au eq.* m m m g/t g/t g/t Hole MK 227 18.00 42.00 24.00 1.87 39.83 2.50 Incl. 39.30 40.00 0.70 5.71 440.00 13.78 56.00 65.80 9.80 2.52 7.20 2.65 60.15 65.00 4.85 3.86 2.42 4.08 Hole MK 228 15.40 42.00 26.60 0.17 57.42 1.22 Hole MK 231 5.0 17.35 12.35 0.95 13.92 1.21 Hole MK 232 35.0 37.0 2.0 0.17 15.00 0.44 Hole MK 233 3.0 7.0 4.0 1.56 1.70 1.59 18.0 27.0 9.0 0.81 6.56 0.93 30.5 39.0 8.5 0.32 29.06 0.85 42.5 53.0 10.5 2.83 24.40 3.27 Hole MK 234 0.0 22.2 22.2 1.98 11.34 2.19 Hole MK 235 0.0 7.0 7.0 0.89 15.71 1.18 * eq: equivalent As announced in Stockwatch Feb. 10, 2000, the current resource for Mt. Kare is estimated by the independent firm of Watts Griffis & McOuat to be 25.5 million tonnes grading 2.2 grams per tonne (g/t) gold and 29.0 g/t silver (using a one g/t gold equivalent cutoff and with the cutting of high-grade assays to 30 g/t). This equates to 2.24 million ounces contained gold equivalent.

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